Crude oil prices claw back losses, but record USA output weighs

Sorokin, a former oil and gas analyst at Morgan Stanley, said USA shale oil output, the key driver behind the stellar growth in the country's oil production, will increase by 1.3-1.4 million bpd this year, lower than some estimates.

U.S. West Texas Intermediate (WTI) crude futures fell $1.23 a barrel to settle at $65.81 a barrel. For the week, WTI was on track for a almost 2.2 percent fall, adding to last week's near 5 percent decline. It was still set to rise 0.5% for the week.

This steady climb in United States production weighed on NYMEX prices, while OPEC supply concerns pushed Brent prices higher, resulting in the front-month ICE Brent/NYMEX spread crossing $11/b during Thursday's trading session - its widest level since March 2015. Meanwhile, the EIA report showed a surprise decline of 3.62 MMbbl in nationwide inventories, while stockpiles at the key storage and pipeline hub at Cushing, Okla., fell by 556,000 bbl.

The report was supportive due to the large drop in crude oil inventories which was a function of a trifecta of bullish elements: strong demand from refiners, a sizeable drop in crude oil imports, and rebound in exports,  said John Kilduff, a partner at Again Capital LLC in NY.

At 434.5 million barrels, USA crude oil inventories are in the lower half of the average range for this time of year, according to EIA.

Crude production continued to set a weekly record high, edging up to 10.8 million bpd, though the weekly USA figures are subject to revisions; monthly data for March will be released later on Thursday. In March it jumped 215,000 bpd to 10.47 million bpd, a new monthly record, the Energy Information Administration (EIA) said on Thursday.

"The weekly number suggests USA production is really strong and continuing to rip higher", said Matt Smith, director of commodity research at ClipperData. But without adequate transportation to get crude to the coasts, "we're going to continue to see some weakness in WTI", he said.

The Iranian light crude price settled at $77.03 per barrel in the mentioned week, Shana reported on Saturday.

At 434.5 million barrels, US crude oil inventories are in the lower half of the average range for this time of year.

Speculators in Brent crude cut their net long positions in the week by 49,638 contracts to 451,966.

Opec and non-Opec producers have committed to cut output by 1.8-million barrels a day until the end of 2018, but are ready to make gradual supply adjustments to deal with shortages, a Gulf source familiar with Saudi thinking told Reuters late on Wednesday.

Share

Related Articles

Up next for Williams will be the most high-profile match and high-profile opponent since her return: Maria Sharapova . Halep said in her post-match interview that she struggled initially against the left-hander's shots with topspin.

Wender, MD, ACS cancer control officer. "The evidence is now absolutely clear, and I can't emphasize how carefully this was done". When an organization like the American Cancer Society changes its recommendations, insurance companies typically follow suit.

Asked if that marks a dramatic change in his thinking, given his recent hard-fought court battle, Rotondo answered succinctly. He failed to persuade the judge to grant him another six months with his parents and was ordered to leave.

Mattarella then turned to Cottarelli to form a neutral government of technocrats to lead Italy until early elections. Mattarella rejected Conte's original choice for economy minister but a different candidate was agreed on Thursday.

Trudeau then called Pence to discuss the bid on Monday, May 28, a federal holiday in the United States. He fired back with tariffs on US exports of everything from whisky to motorboats to orange juice.

European Visa debit card users voiced their frustration online. "Visa is now experiencing a service disruption". Bank social media accounts also confirmed the outage and informed customers of the issue.

The Dow Jones Industrial Average and S&P 500 index rebounded from losses on Thursday to trade about 1 percent higher. He said he used a private, bilateral meeting Thursday in Whistler to personally deliver that message to Mr Mnuchin.

Xiaomi's latest software boasts new AI camera features, as well as a redesigned recent apps interface that maximizes screen space. All of this is powered by a 3,120 mAh battery and is available in 4 GB RAM / 64 GB storage or 6 GB RAM / 128 GB storage options.

There are also several small pockets of ISIS left in Syria , along the Euphrates and in the desert near the Iraq border. Assad further said Israel has from the start of the crisis in Syria been in contact with the anti-Damascus militants.

Trump's cancellation was prompted by a drastic change in rhetoric my Kim and senior North Korean officials in early May. The meeting followed two landmark summits between the leaders of North and South Korea in the last five weeks.

Former Chief Minister and leader of the main Opposition National Conference Omar Abdullah expressed anguish over the incident. They were rushed to Soura Institute of Medical Sciences where Qaiser succumbed to his injuries.

One particularly disturbing image showed two children sleeping on mattresses on the floor inside what appeared to be a cage. They also called on Trump to end family separations through the policy of prosecuting undocumented migrants.

Sharapova overwhelms Pliskova at French Open
And then, suddenly, after unleashing one powerful backhand return victor that she punctuated with a shout, Williams was back. She was drawn against Kristyna Pliskova in her first round match as tennis fans eagerly awaited her return to the court.

Nigeria’s World Cup Kit Sold Out in the UK
Nigeria may not be favourites for the World Cup, but they seem to have won fans over with their new kit for Russian Federation . The kit was to be available on May 29 but Nike pushed the date back to June 1 to accommodate the demand.

Apple's WWDC 2018 will reportedly be hardware free
If Apple could make a smaller notch for iPhone without compromising on the technology it houses, it would have. What is unclear is if users will still be able to access the app after overdoing their daily time limit.